China seeks ways to revive slowing economy and salvage property market as annual congress convenes

By DAKE KANG and ELAINE KURTENBACH
Associated Press

BEIJING (AP) — China’s efforts to restore confidence and rev up the economy will top the agenda during this month’s meeting of the ceremonial national legislature. The strong, consumer-led recovery hoped for after leaders gave up on severe anti-virus controls in late 2022 never materialized. In his annual work report, Premier Li Qiang will seek to showcase success in meeting last year’s target for about 5% growth. But the mood on the streets and in financial markets remains glum. Property prices have continued to fall, local governments are mired in trillions of dollars of debt and many Chinese are holding back on spending.